Funeral home exec buys apartment complexes

Published: Saturday, February 9, 2013 at 5:30 a.m.

Last Modified: Friday, February 8, 2013 at 3:59 p.m.

DAYTONA BEACH — Local funeral home industry executive Ty Lohman recently invested some of the money he made from his family's sale last year of Lohman Funeral Homes to a national chain to buy four Daytona area apartment complexes.

Doing business as Starr Properties LLC, Lohman purchased three mid-size apartment complexes for $2.05 million, Volusia County property records show. As Tylo Investments LLC, he also bought another apartment complex for $785,000, according to county records.

While Lohman would not disclose how much his family made from its sale of Lohman Funeral Homes' 14 funeral homes and cemeteries, or how much he personally received in the deal, he confirmed his purchase of the four apartment complexes.

"If you look around the area, we have Daytona State College, Bethune-Cookman (University), Keiser College and Embry-Riddle (Aeronautical University) all within a 4- or 5-mile area. With lots of students, they need places to live," Lohman said. "I am looking for ways to diversify. And with the real estate crisis, people would rather rent now than buy and many people can't qualify for a mortgage."

Lohman was a partner in the Lohman Funeral Homes, Cemeteries & Cremations business, along with his parents, Lowell and Nancy Lohman, and uncle, Victor Lohman.

Last year, the family sold the business to Levittown, Pa.-based StoneMor Partners L.P., but continue to run the local funeral homes and cemeteries under the Lohman name. Lohman Funeral Homes was the largest family-owned chain of funeral homes and cemeteries in Florida at the time of the sale.

According to county records, the Lohmans received a total of $25 million from the sale of the real estate properties associated with their funeral homes and cemeteries.

The three apartment complexes Lohman purchased under the name Starr Properties are as follows: Whispering Winds, a 20-unit building constructed in 1984 at 119 Thomasson Ave. in Daytona Beach; Sprucewood, a 20-unit building constructed in 1987 at 1450 S. Palmetto Ave. in Daytona Beach; and Palmetto Square, a 24-unit building constructed in 1980 at 1620 S. Palmetto Ave. in South Daytona.

Through his Tylo Investments, Lohman also bought Oakwood, a 26-unit apartment building built in 1974 at 321 Clifton Ave. in Holly Hill.

Apartment complexes have become desirable properties among investors as of late. Several apartment complexes in both Volusia and Flagler counties have been sold in the past year.

"They're hot as long as they are relatively stable and in good condition," said local real estate observer Roy Akins, broker associate and manager of the commercial division for Daytona Beach-based Adams, Cameron & Co. Realtors.

Heiko Folkerts and Ralph Gerstner sold the three properties purchased by Starr Properties. The two men are from St. James, N.Y., according to state records.

<p>DAYTONA BEACH &mdash; Local funeral home industry executive Ty Lohman recently invested some of the money he made from his family's sale last year of Lohman Funeral Homes to a national chain to buy four Daytona area apartment complexes. </p><p>Doing business as Starr Properties LLC, Lohman purchased three mid-size apartment complexes for $2.05 million, Volusia County property records show. As Tylo Investments LLC, he also bought another apartment complex for $785,000, according to county records. </p><p>While Lohman would not disclose how much his family made from its sale of Lohman Funeral Homes' 14 funeral homes and cemeteries, or how much he personally received in the deal, he confirmed his purchase of the four apartment complexes. </p><p>"If you look around the area, we have Daytona State College, Bethune-Cookman (University), Keiser College and Embry-Riddle (Aeronautical University) all within a 4- or 5-mile area. With lots of students, they need places to live," Lohman said. "I am looking for ways to diversify. And with the real estate crisis, people would rather rent now than buy and many people can't qualify for a mortgage." </p><p>Lohman was a partner in the Lohman Funeral Homes, Cemeteries & Cremations business, along with his parents, Lowell and Nancy Lohman, and uncle, Victor Lohman. </p><p>Last year, the family sold the business to Levittown, Pa.-based StoneMor Partners L.P., but continue to run the local funeral homes and cemeteries under the Lohman name. Lohman Funeral Homes was the largest family-owned chain of funeral homes and cemeteries in Florida at the time of the sale. </p><p>According to county records, the Lohmans received a total of $25 million from the sale of the real estate properties associated with their funeral homes and cemeteries. </p><p>The three apartment complexes Lohman purchased under the name Starr Properties are as follows: Whispering Winds, a 20-unit building constructed in 1984 at 119 Thomasson Ave. in Daytona Beach; Sprucewood, a 20-unit building constructed in 1987 at 1450 S. Palmetto Ave. in Daytona Beach; and Palmetto Square, a 24-unit building constructed in 1980 at 1620 S. Palmetto Ave. in South Daytona. </p><p>Through his Tylo Investments, Lohman also bought Oakwood, a 26-unit apartment building built in 1974 at 321 Clifton Ave. in Holly Hill. </p><p>Apartment complexes have become desirable properties among investors as of late. Several apartment complexes in both Volusia and Flagler counties have been sold in the past year. </p><p>"They're hot as long as they are relatively stable and in good condition," said local real estate observer Roy Akins, broker associate and manager of the commercial division for Daytona Beach-based Adams, Cameron & Co. Realtors. </p><p>Heiko Folkerts and Ralph Gerstner sold the three properties purchased by Starr Properties. The two men are from St. James, N.Y., according to state records. </p><p>Daytona Beach residents Alberto Morais, Florencia Morais and Miguel Morais sold the Oakwood complex to Tylo Investments. </p><p>Lohman said the complexes he just bought are nearly fully occupied and that he's also expects to soon complete the purchase of three more apartment complexes in the area. </p><p>"The way the loan rates are right now, I've got a 10-year window with great returns," he said.</p>